Renter percentages in zip code 59741 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. In 2013, the renter percentage was 26%, and by 2022, it had decreased to 22%. Interestingly, despite the decrease in renter percentage, average rent prices have generally increased over the years. In 2013, the average rent was $1,157, and by 2022, it had risen to $1,244, an increase of 7.5%. This upward trend in rent prices, despite a decreasing renter population, could be attributed to the overall increase in property values and the growing population, which rose from 4,298 in 2013 to 5,350 in 2022.

Looking at the most recent data, the average home price in zip code 59741 for 2023 was $634,825, showing a slight decrease from the 2022 peak. However, the 2024 average home price has rebounded to $650,364. This recent trend occurs alongside higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting home buying decisions and overall market dynamics.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 59741 will continue to rise, albeit at a more moderate pace than seen in the past decade. The projected average home price for 2029 is estimated to be around $750,000. For rent prices, the forecast suggests a continued upward trend, with average rents potentially reaching $1,400 by 2029.

In summary, zip code 59741 has experienced a significant increase in average home prices over the past decade, with homeownership rates showing modest growth. The area has seen a decrease in renter percentages, yet average rent prices have continued to rise. Recent data shows a slight cooling in the housing market, possibly influenced by rising interest rates. However, long-term projections indicate continued growth in both home values and rent prices, reflecting the area's enduring appeal and economic prospects.